UK political parties

U.K. Budget Deficit for October Was Worst Since 1993

Britain’s budget deficit in October was the worst for the month since records began in 1993 as the recession destroyed tax revenue and welfare costs surged. The 11.4 billion-pound ($19 billion) shortfall compared with a deficit of 130 million pounds a year earlier, the Office for National Statistics said in London today. The median of 17 forecasts in a Bloomberg News survey was for a 7 billion-pound deficit. Prime Minister Gordon Brown and opposition leader David Cameron are vying for the support of voters before a general election due by June by showing their determination to reduce borrowing without hitting key services. Brown today will seek to enshrine in law a commitment to halve the deficit in four years. “There is no doubt that fiscal policy will have to be tightened ...